US Dollar Remains Unsteady Awaiting NFP Report
New Zealand dollar is the strongest one for today, followed by Swiss franc and Australian dollar. Japanese yen is trading as the weakest one for today, followed by British pound and Canadian dollar. But for the week, Swiss franc and Japanese yen are the strongest ones. Australian dollar and Canadian dollar are the weakest. US dollar remains the third weakest awaiting non-farm payroll (NFP) report.
On stock markets, DOW closed at 24947.67, down 0.32%. S&P 500 fell 0.15% to closed at 2695.95. NASDAQ and closed up 0.42% at 7188.26. In Asian, Nikkei added 0.48%, Singapore Strait Times gained 0.41%, Hong Kong HSI increased 0.27%. China Shanghai SSE rose 0.08%.
Markets expect the US employment report. Nonfarm payrolls probably increased by 200.000 jobs last month, after surging 250.000 in October. The unemployment rate is forecast steady at near a 49-year low of 3.7%. Average hourly earnings are seen up 0.3% in November. That would leave the annual increase in wages at 3.1%, matching October's gain, which was the biggest since April 2009.
US Federal Reserve Chairman Jerome Powell said, that the US economy is "performing very well overall." Powell also said that the job market in particular "by many national-level measures is very strong," with unemployment at a 50-year low.
Meanwhile, New York Fed John Williams said that Donald Trump’s tariff war with other countries have “relatively small effect on the economy. But they created higher uncertainty for businesses.
Today’s data showed, that Japan household spending fell by 0.3% yoy in October, much worse than expectation of 1.2% yoy increase. Labor cash earnings rose 1.5% yoy, higher than expectation of 1.0% yoy.